Spotlight

Indian equity markets are expected to open on a steady note, supported by firm regional cues, although investors are likely to remain selective as geopolitical developments and global macroeconomic expectations continue to shape risk sentiment. Asian markets are trading higher in early trade, with Japan's Nikkei 225 and South Korea's Kospi each advancing more than 1%, providing a constructive backdrop for regional equities. Reflecting the improved sentiment, GIFT Nifty futures are pointing to a positive start for domestic markets.

Despite the supportive opening, investor focus remains firmly on the evolving situation in the Middle East. Reports suggest Iran is moving closer to an agreement with Oman on the reopening of the Strait of Hormuz, although negotiations remain conditional, with Tehran reportedly seeking U.S. compensation and sanctions relief as part of any final arrangement. Until a formal agreement is reached, geopolitical uncertainty is likely to keep investors cautious and limit aggressive risk-taking.

WTI crude oil is holding in the $78–79 per barrel range after rebounding from last week's lows, suggesting that markets continue to price in a residual geopolitical risk premium even as diplomatic efforts progress. For India, sustained stability in crude prices will remain critical for the inflation outlook, the rupee, and corporate input costs.

Gold prices continue to hold on to their recent gains after weaker-than-expected U.S. labour-market data strengthened expectations of a less restrictive Federal Reserve policy stance. Investors are now turning their attention to this week's U.S. inflation data, which is expected to provide the next major signal on the Fed's policy trajectory and set the tone for global risk assets in the days ahead. 

Technical view

Nifty 50

The Nifty 50 continues to maintain a constructive technical structure following its recent recovery, although momentum has moderated at higher levels. The 24,600–24,700 zone remains the key resistance area. A decisive and sustained breakout above 24,700 would strengthen the bullish bias and potentially open the way for an upward move towards 24,800–25,000.
 
On the downside, 24,500 remains the immediate support, followed by the 24,400–24,300 zone. Sustaining above these levels will be crucial for maintaining the ongoing recovery structure, while a break below 24,500 could lead to renewed profit booking. Overall, the near-term outlook remains cautiously positive, with a sustained move above 24,700 required to confirm further upside potential.

Bank Nifty

Bank Nifty continues to maintain a constructive medium-term structure, although the index remains under pressure near key resistance levels. The 58,200–58,300 zone remains the immediate hurdle. A decisive and sustained breakout above 58,300 would strengthen the bullish bias and could trigger further upside towards 58,500–58,600, followed by the 58,800–59,000 zone.
 
On the downside, 57,800–57,700 remains the immediate support area, with the next support placed at 57,400–57,300. A decisive break below 57,700 could invite fresh profit booking and weaken the near-term technical setup. Overall, the near-term outlook remains cautiously constructive, with sustained trading above 57,700 and a decisive breakout above 58,300 likely to reinforce the upside momentum.